Amkor gets lift from Q3 results, outlook

MichaelBaron

NEW YORK (CBS.MW) -- Amkor Technology
AMKR, -2.59%
shares gained more than 11 percent to $18.03 after the Chandler, Ariz., provider of contract chip assembly and test services reported third-quarter earnings before items of $16 million, or 9 cents per share, on sales of $424 million. The latest results included a gain of $10 million related to the reversal of a tax accrual and a charge of $2 million from debt retirement. Excluding items, Amkor earned 4 cents per share in the period, 3 cents better than Wall Street's consensus estimate. Looking ahead, the company anticipates earnings of 7 to 10 cents per share for the fourth quarter, surrounding the average estimate of 12 analysts polled by Thomson First Call for a profit of 8 cents per share.

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